To put last week's non-recession (allegedly) correction in perspective, Deutsche notes that (1) 3-5% selloffs as normal, occurring on average every 2-3 months. Given the emphasis in the market narrative on rates in driving the equity selloff, the taper tantrum saw only a modestly bigger than normal 6% very short-lived sell off; however (2) "10% corrections are rare."

Outside of recessions, when the unemployment rate is falling, there have only been 15 such selloffs since 1950, i.e., in the last 67 years, or 1 every 4.5 years on average.

~one hour agoPowell gets sworn in and spoke for a momentsaid the Fed would “preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. We will remain alert to any developing risks to financial stability.”https://www.reuters.com/article/us-usa- ... SKCN1FX1YO

Yest. (an overall UP day) Courtesy of the RevShark shop..$3billion market on close for sale. That's a big MOC-to-sell. Just routine selling, right? It feels like they are still screwing around with the volatility trades.

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